E3 an old boys club?

I'm gonna try and keep this relatively brief, it helps minimize the confusion, considering that the blog editor doesn't include line breaks. Is it my imagination or is this new closed-circuit E3 rather...vain. Like the academy awards. A bunch of stuffed shirt old-men hanging out behind closed doors congratulating themselves for what they percieve to be good work. Doesn't feel like it has much of anything to do with the fans at all really. Oh sure, the trickle down effect is supposed to take place. Press takes what they find and sends it out to us. How is that different from ANY OTHER DAY OF THE YEAR?? I fail to understand the appeal.